Wildermuth added that some non-traded REITs that exist over 8- to 12-year time horizons-when they either liquidate or go public or find another exit strategy-may have much shorter life spans this time around. "That's very unique," he said.
In a wide-ranging talk on a number of issues, Jeb Bush told attendees that an immigration policy consistent with America's heritage and highest ideals could dramatically spur economic growth and solve many of our problems.
"A robust immigration policy" would also solve the nation's problems arising from an excess supply of real estate, Bush remarked. "We need hard-working people with aspirations" to participate in the American dream.
"This proves I am not running for anything," Bush quipped, acknowledging that his views on immigration were out of step with current mainstream thinking in the Republican Party. "I get to say what I think since I'm not running."
Despite the fact that his older brother, George W. Bush, left office in 2009 with near-record-low approval ratings, many Republicans have mentioned Jeb Bush as a possible presidential candidate in 2012 since they view the current field as sub-optimal. But Jeb Bush clearly seems to be enjoying life in the private sector and gets to choose those public issues he wants to weigh in on. Constantly peppered with questions about a possible candidacy, he remarked at one point that it simply wasn't "his time."
"If we can secure the borders," most Americans would support a more enlightened immigration policy, he contended. "A great nation should be able to secure its borders" and have an e-verify system.
Increasing the number of high-achieving immigrants could create a burst of economic activity that would spur growth and would "benefit all of us." Bush told attendees that economic growth was the best solution to the surfeit of problems afflicting the nation. He cited the power of compounding to prove his point. If the U.S. can lift its growth rate over the next decade from 2% to 4%, "the difference is the size of Germany."
Another keynote speaker, financial commentator and author Nick Murray, voiced his concerns about the baby boom generation, many of whom he believes will run out of money in retirement. The average couple, he noted, is going into retirement today at 62 and one them is likely to live until 92.
"No one can invest successfully for a retirement they can't imagine," Murray remarked, adding that real estate is a complement to and not correlated with equities.
Mueller noted that all the studies he's ever seen show real estate to be a good hedge against inflation. He predicted most major real estate markets would see a turnaround in the next two years. The new supply of "all major property types is growing at the slowest rate in 40 years," Mueller noted.